EPFO settles 1.1 cr claims till Feb end, 97% within 10 days

Business

Staff

Posted By: Staff

Published: Wednesday, March 12, 2014, 10:43 [IST]

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New Delhi: Retirement fund body EPFO settled over 1.1 crore claims, including those of withdrawal and transfer of provident fund, in this fiscal till February end, and of these, 97 percent cases were settled within 10 days.

"31 percent of the total claims are settled in 3 days while 66 percent of the total settlement is within 10 days," an official statement said.

The latest review of Employees' Provident Fund Organisation (EPFO) revealed that it settled more than 1.1 crore claims in the current fiscal till February end, the release said.

EPFO settled 8 lakh claims in February alone. As many as 17 field offices are settling 80 percent of the claims within 3 days of receipt and 47 offices are settling 80 percent of the claims within 10 days of receipt.

However, the Employees' Provident Fund Scheme mandates settling of claims within 30 days of making application.

The grievance redressal machinery of EPFO also ensured disposal of 15,206 grievances in February. However, 4,687 grievances were pending as on date, it stated.

During the review EPFO's Central Provident Fund Commissioner K K Jalan noted that as the Organisation would soon roll out universal (permanent) account numbers for its members, employers should be encouraged to transfer their accounts on change in job/location to facilitate continued membership and better benefits.

It is also decided during the review meeting that the annual accounts for 2013-14 would be updated by June 30, 2014.

The New Fund Management System (NFMS) which ensures daily transfer of all balances in EPF contribution accounts to EPF investment accounts, applicable till now to PF and Pension Fund accounts has been extended to Insurance Fund Account also.